Enzo Biochem Inc. (NYSE:ENZ) today reported results for the fiscal first quarter ended October 31, 2013. Highlights include:
- Net loss for the quarter was reduced by over $0.9 million from a year ago and $0.3 million sequentially.
- Sequential revenue increased by $0.9 million, driven by strong growth in Clinical Labs, which offset continued general market weakness affecting Life Sciences.
- EBITDA (earnings before interest, taxes, depreciation and amortization) improved by $0.8 million sequentially, and $1.0 million year-over-year.
- Sequentially, gross margins showed improvement across the board, up $1.1 million.
- Gross profit, as a percentage of revenues, improved sequentially from 41% to 44%.
- Operating expenses, relating to SG&A, declined $0.9 million or 8% over the prior year.
“The year is off to a good start with improved first quarter results and we continue to remain focused on our developing technologies that offer enhanced efficiencies and materially reduced costs for the clinical diagnostics market in addition to new assays in line with increasing attention paid to molecular diagnostics. We are moving to increase our position as a segment innovator and in that regard have underway the development of a strategic program incorporating comprehensive molecular diagnostic products and services based on high performance new platforms focusing on, amongst others, women’s health. These would be directed to meeting today’s demand for more cost-efficient healthcare, while providing better delivery, wider access and improved diagnostic quality, in addition to representing a valuable new business direction for Enzo Biochem,” said Barry Weiner, Enzo President. “We continue to expand our portfolio of specialized testing at the clinical laboratory. The recently announced partnerships with Sequenom and others are a further commitment to the field of molecular and companion diagnostics and support Enzo’s ability to provide its customers with high-value esoteric testing services. This quarter also highlighted a peer reviewed publication detailing the work we have done in potentially identifying an infectious disease link to idiopathic pulmonary fibrosis (IPF) that may allow Enzo to develop the first broadly-based human diagnostic for this fatal condition. Finally, we remain steadfast in our determination to realize value from our extensive intellectual property estate. We believe the upcoming litigation provides the Company with a promising opportunity to realize the value of its intellectual property.”